Section 36-7-17-7 - Conveyances; methods authorized(a) The agency shall convey the real property acquired for the purposes of this chapter to those persons or community organizations qualified under section 6 of this chapter by using the methods prescribed by subsection (b), (c), or (d).(b) The real property may be conveyed by a conditional sales contract, with title to remain in the agency for a period of at least one (1) year.(c) The title to real property may be conveyed to a person purchasing the property as a determinable fee, with the language of the granting clause in the deed of conveyance to include the language "The property is conveyed on the conditions that the purchaser: (1) will reside in the dwelling as the purchaser's principal place of residence for a period of not less than three (3) years;(2) will bring the residence up to minimum code standards in twelve (12) months;(3) will carry adequate fire and liability insurance on the dwelling at all times; and(4) will comply with such additional terms, conditions, and requirements as the agency requires before __________ (date of the deed) under IC 36-7-17.".(d) The title to real property may be conveyed to a community organization purchasing the property as a determinable fee, with the language of the granting clause in the deed of conveyance to include the language: "The property is conveyed on the conditions that the purchaser:(1) will list the property for sale within twelve (12) months of taking possession;(2) will bring the residence up to minimum code standards within twelve (12) months;(3) will carry adequate fire and liability insurance on the dwelling at all times; and(4) will comply with any additional terms, conditions, and requirements as the agency requires before __________ (date of the deed) under IC 36-7-17.".Pre-Local Government Recodification Citation: 18-7-21-6.
Amended by P.L. 127-2017,SEC. 211, eff. 7/1/2017.As added by Acts1981 , P.L. 309, SEC.36. Amended by P.L. 19-1986, SEC.61; P.L. 177-2003, SEC.14.